BidaskClub Lowers Universal Forest Products (NASDAQ:UFPI) to Sell

BidaskClub cut shares of Universal Forest Products (NASDAQ:UFPI) from a hold rating to a sell rating in a research report released on Tuesday morning, BidAskClub reports.

Other analysts have also recently issued reports about the stock. DA Davidson upped their price target on shares of Universal Forest Products to $55.00 and gave the stock a buy rating in a research report on Friday, October 25th. BMO Capital Markets upped their price target on shares of Universal Forest Products to $44.00 in a research report on Monday, October 28th. They noted that the move was a valuation call. Finally, Sidoti started coverage on shares of Universal Forest Products in a research report on Tuesday, January 7th. They set a neutral rating for the company. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. Universal Forest Products currently has a consensus rating of Hold and an average target price of $50.33.

Shares of NASDAQ UFPI opened at $49.77 on Tuesday. Universal Forest Products has a 52-week low of $29.00 and a 52-week high of $52.83. The firm has a fifty day moving average of $48.55 and a 200-day moving average of $45.09. The stock has a market capitalization of $3.06 billion, a PE ratio of 17.78 and a beta of 1.86. The company has a quick ratio of 1.59, a current ratio of 2.83 and a debt-to-equity ratio of 0.18.

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, March 15th. Shareholders of record on Sunday, March 1st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Thursday, February 27th. This represents a $0.50 dividend on an annualized basis and a yield of 1.00%. This is a positive change from Universal Forest Products’s previous quarterly dividend of $0.10. Universal Forest Products’s payout ratio is currently 17.17%.

In other Universal Forest Products news, insider Patrick M. Benton sold 1,561 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $50.03, for a total value of $78,096.83. Following the transaction, the insider now owns 72,762 shares in the company, valued at approximately $3,640,282.86. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Missad sold 6,000 shares of the business’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $50.20, for a total transaction of $301,200.00. Following the completion of the transaction, the chief executive officer now owns 238,381 shares in the company, valued at approximately $11,966,726.20. The disclosure for this sale can be found here. Insiders own 3.77% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. Municipal Employees Retirement System of Michigan lifted its holdings in Universal Forest Products by 1.1% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 18,410 shares of the construction company’s stock worth $734,000 after buying an additional 200 shares in the last quarter. Texas Permanent School Fund lifted its holdings in Universal Forest Products by 0.5% in the 4th quarter. Texas Permanent School Fund now owns 41,991 shares of the construction company’s stock worth $2,003,000 after buying an additional 222 shares in the last quarter. Versant Capital Management Inc lifted its holdings in Universal Forest Products by 31.8% in the 3rd quarter. Versant Capital Management Inc now owns 1,037 shares of the construction company’s stock worth $41,000 after buying an additional 250 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in Universal Forest Products by 16.2% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 2,008 shares of the construction company’s stock worth $80,000 after buying an additional 280 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Universal Forest Products by 8.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,311 shares of the construction company’s stock valued at $206,000 after purchasing an additional 337 shares in the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

About Universal Forest Products

Universal Forest Products, Inc, through its subsidiaries, designs, manufactures, and markets wood and wood-alternative products in North America, Europe, Asia, and Australia. The company offers preserved and unpreserved dimensional lumber; outdoor living products, including wood and wood composite decking and related accessories, and decorative lawn and garden products; and engineered wood components, which include roof and floor trusses, wall panels, engineered floor systems, I-joists, and lumber packages.

Further Reading: Diversification

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